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Tax Tips

Getting Organized for 2014 Tax Filing

You should start gathering your tax records for 2014 to prepare for your tax return filing. Using last year’s tax return, sort your documents to match the items on your tax return. Here is a list of more common tax records for indivduals: • Information tax forms (W-2, 1099, 1098, 1095-A, etc.) that disclose wages, interest income, dividends, and capital …

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Automobile Mileage Rates 2015

Standard Mileage Rates The IRS recently announced mileage rates to be used for travel in 2015. The business mileage rate increased by 1.5 cents while Medical and Moving mileage rates are lowered by one cent. Charitable mileage rates are unchanged. 2015 Standard Mileage Rates Mileage Rate / Mile Business Travel 57.5₵ Medical / Moving 23.0₵ Charitable Work 14.0₵ Below are …

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Tax Extension Bill for 2014

Extender Bill Passes In late December, Congress finally extended many of the tax provisions that were due to expire at the end of 2013. Here is a list of the commonly used tax provisions that will now be available to you when you file your 2014 tax return. . • Teacher $250 deduction for qualified classroom expenses • Deduction for …

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How We Helped Some Past Clients

A new client came to us frustrated by their continued low profits. Although they were able to increase sales, their losses became larger. R. P. Minich PC sent out a team to document the financial reporting of the business. We reviewed the accounting system, modified the transaction flow and instituted a cost accounting program and paperless workflow system. After implementing …

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IRS Phone Call Scam

Tax Scams – The IRS calls you. – The IRS will not contact you by Phone or Email We have been receiving calls from our Clients that The IRS has called them and left a message claiming that they were revenue agents. The message states that you need to immediately call this number (415-506-1286). This is a scam. The Internal …

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Keep Your Business & Personal Expenses Separate

Business Owners – Do not pay your personal expenses from your business accounts. Transfer the money to your personal account and pay your personal expense from your personal account. Why? Because the accounting work will be easier and if your business is a Corporation or an LLC you could have a problem protecting your personal assets in a lawsuit. Attorneys …

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